King Luther Capital Management Corp Raises Stake in Corning Incorporated (NYSE:GLW)

King Luther Capital Management Corp grew its position in Corning Incorporated (NYSE:GLW - Free Report) by 44.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 42,488 shares of the electronics maker's stock after acquiring an additional 13,037 shares during the quarter. King Luther Capital Management Corp's holdings in Corning were worth $1,918,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. MBB Public Markets I LLC raised its position in Corning by 806.7% in the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker's stock worth $2,524,000 after purchasing an additional 57,800 shares during the period. Dark Forest Capital Management LP bought a new position in shares of Corning during the second quarter valued at approximately $511,000. National Pension Service grew its stake in shares of Corning by 11.3% during the third quarter. National Pension Service now owns 1,508,868 shares of the electronics maker's stock valued at $68,125,000 after buying an additional 152,922 shares during the last quarter. CWA Asset Management Group LLC purchased a new stake in shares of Corning in the third quarter worth approximately $5,705,000. Finally, Los Angeles Capital Management LLC lifted its stake in shares of Corning by 215.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker's stock worth $75,740,000 after acquiring an additional 1,145,955 shares during the last quarter. Institutional investors own 69.80% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on GLW shares. UBS Group upped their price objective on Corning from $46.00 to $51.00 and gave the company a "neutral" rating in a research report on Wednesday, October 30th. Susquehanna raised their price target on shares of Corning from $46.00 to $55.00 and gave the stock a "positive" rating in a research note on Friday, September 20th. Mizuho raised shares of Corning from a "neutral" rating to an "outperform" rating and boosted their price objective for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Morgan Stanley reaffirmed an "equal weight" rating and set a $39.00 target price on shares of Corning in a research report on Friday, July 26th. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $58.00 price target (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Corning has an average rating of "Moderate Buy" and an average price target of $50.08.

Corning Stock Performance

GLW stock opened at $48.50 on Friday. The firm has a 50-day simple moving average of $46.33 and a two-hundred day simple moving average of $41.96. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. Corning Incorporated has a one year low of $27.57 and a one year high of $51.03. The firm has a market cap of $41.52 billion, a price-to-earnings ratio of 285.26, a PEG ratio of 1.53 and a beta of 1.03.

Corning (NYSE:GLW - Get Free Report) last announced its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period last year, the firm earned $0.45 earnings per share. Corning's revenue was up 6.9% compared to the same quarter last year. On average, equities analysts forecast that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend is Friday, November 15th. Corning's dividend payout ratio (DPR) is presently 658.82%.

Insiders Place Their Bets

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the company's stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the transaction, the senior vice president now owns 6,700 shares in the company, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.40% of the company's stock.

About Corning

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.